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"We are not so much a vulture as a phoenix," says Wilbur Ross, chairman of WL Ross& Co. "We are not liquidators, we are rehabilitators. There are a number of people who do what we do who are pure vultures. But we are interested in the ongoing business."

Panama

Magazines also need to reinvent themselves every few years and it's been nearly a decade since Euromoney last changed its look. We do not believe in changes for their own sake. The new design has been guided by a single principle: to make every article easier to read. There are fewer words on each page and, we believe, more and better graphics that are better integrated with the text. This has always been a serious magazine but the pages had become, at times, rather daunting. There's plenty of entertaining copy in here: it should never be a chore to turn the pages and read it.

US-style vulture funds are making their presence felt in the European restructuring world, while Europe's homegrown players are also becoming increasingly active.

In the wake of the Argentine crisis the sovereign credit derivatives market is preoccupied with legal disputes about what triggers a credit event. New definitions from ISDA must bring clarity, though even that might be insufficient to lure back investors.

Partner, PricewaterhouseCoopers

"Damn, damn you," the cabbie shouts. That's an approximation, in reality each curse began with the letter f. He quickly turns around and apologizes unreservedly before giving his "welcome to Singapore" spiel.

Fund management

Nearly six months ago, the MTS bond markets were offered a shortlist of clearing houses. It should be a simple choice between the London Clearing House and Clearnet but the process is dragging on. The cause of this delay may be that Gianluca Garbi, CEO of EuroMTS, is trying to force decisions in Clearnet’s favour.